How to Increase Your Home's Value
With homeowners trying to increase equity in their homes, it's important to know what today's buyers are expecting to see when they visit your home. For the seller, it's important to know the value of upgrades beforehand. As it only makes sense to spend on renovations that will pay for themselves in value. Below are some percentage estimates for renovations that can increase home value by building equity.
Project (average cost recouped, national) according to Realtor Magazine:
Minor kitchen remodel (88%)
Bathroom remodel (85%)
Major kitchen remodel (81%)
Family room addition (80%)
Deck addition (77%)
Master suite (75%)
Attic bedroom (74%)
Siding replacement (73%)
Window replacement (69%)
Home office (55%)
Projects that may increase your home’s value include: Jacuzzi (4 jets or more); permanent hot tub; in-ground pool; security system; sprinkler system; substantial out buildings; and vaulted ceilings. These may not add value to your house: above-ground pool; ceiling fans; garden pond; and light fixtures.
l Remodel with mass appeal in mind.
l Use durable, quality materials.
l Keep the value of your property within 15 to 20 percent of your neighbors’.